Binance, one of the world’s leading cryptocurrency exchanges is all set to launch its native NFT marketplace in the next 70 days. The countdown has begun and many NFT enthusiasts and Binance supporters are highly excited about the new addition to the Binance platform.
What’s Binance NFT Marketplace?
Binance’s upcoming NFT marketplace will allow artists and other stakeholders to create and trade NFTs (Non Fungible Tokens). Along with top cryptocurrencies, the Binance platform will also support purchase and sale of digital assets through auctions and exhibitions. The initial cut that has been proposed is 10% which the exchange will charge for hosting such auctions.
Also, the exchange will allow the sale and trade of NFTs itself and allow users to create NFTs for which the processing fee would be 1%. NFTs are recently gaining popularity after several successful sale and purchase of high value digital assets worth millions. Some experts term NFTs to be the most significant use case of blockchain technology.
Wondering if the NFT platform will provide the same value to Binance users like its crypto trading ecosystem? Is the buzz around Binance NFT portal worth the hype?
The fact that the world’s biggest crypto exchanges are considering the potential of NFTs so much so that they are all in to create a dedicated marketplace is self explanatory. Binance NFT marketplace is something you should definitely be watching out for. The dedicated Binance NFT marketplace will also contribute to making the NFT market popular.
Binance NFT marketplace is scheduled to go live on June 11.